What the changes to the UK nil rate band mean for IHT planning
By Kirsten Hastings, 31 Mar 17
A staggering 70% of people have no understanding of the new residence nil rate band allowance coming into force on 6 April, which could have serious implications for their inheritance tax planning, warns Old Mutual Wealth financial planning expert, Rachael Griffin.
45% did not realise you can select which property to have the allowance against
“The rule can apply to any one home included in the estate as long as it was lived in by the deceased at some stage before the death. The home doesn’t even have to be in the UK.
“However, it does have to be within the scope of IHT and it must be included in a person’s estate.”
Tags: IHT | Nil Rate Band | Old Mutual | Rachael Griffin
